Business
Siyapatha Finance records LKR 1 Bn PAT for Fy 2021, an impressive increase of 167%
Siyapatha Finance has continued on its robust performance, despite the pandemic-induced economic challenges, ending the 2021 financial year with the highest ever profitability through its Profit Before Tax reaching LKR 1.53 Bn. Profit after tax increased by 167% from LKR 409.5 Mn in 2020 to LKR 1,094.5 Mn in 2021. Income growth coupled with prudent management of operating expenses resulted in the substantial improvement of the cost to income ratio to 33.56% from 39.28% the previous year. The Company continued to systematically focus on its well performing segments, whilst maintaining its risk management strategies, credit quality and improving the recovery efforts.
Another noteworthy achievement was the management of Non-Performing Advances (NPA). During the year, the Company managed to reduce its gross NPA ratio to 16% from 18% in 2020. Despite the moratoria and drastic decline in economic activities, the Company was able to contain the NPA of the leasing portfolio within the industry benchmark of 12%. This reflects its commitment to driving recoveries and maintaining credit quality despite the downturn in business activities.
The Company held a strong asset base of LKR 42.75 Bn as at 31 December 2021, recording a growth of LKR 1,198.59 Million during the year. Total liabilities of the Company increased marginally to LKR 36.52 Bn as at 31 December 2021 compared to LKR 36.43 Bn as at 31 December 2020. The Company’s Return on Average Assets grew by 163 bps to 2.59% during the financial year 2021, derived by enhanced earnings.
The deposit base of the Company was maintained at a steady level of LKR 17.11 Bn. This reflects the trust and confidence attained by the Company among fund managers and the corporate sector that continued to place substantial fixed deposits.
The Tier I Core Capital Ratio and the Total Capital Ratio stood at 14.74% and 21.36% as at 31 December 2021, well above the respective regulatory capital adequacy requirements of 7% and 11%.
Commenting on the strong performance the Company has demonstrated in 2021, Sumith Cumaranatunga, Chairman, Siyapatha Finance PLC said “We are proud of the financial performance that Siyapatha Finance has delivered despite the challenges posed by the pandemic. This is a testament to the ability of our remarkable workforce, our strength, our dedication and our constant need to improve ourselves through the implementation of our high performing strategies. I am confident that the organization will continue building upwards, leveraging on opportunities that will help deliver positive results in the future.”
“Siyapatha Finance continues to display remarkable resilience and growth even amidst the prevailing challenges in the external environment. Our financial performance has spoken volumes about the Company’s strength and stability. We are cognizant of the challenging path ahead of us and yet we are confident of delivering consistent growth with much optimism and enthusiasm,” stated Ananda Seneviratne Managing Director, Siyapatha Finance.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
